The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, on Thursday in Houston, Texas, United States, enumerated remarkable developments in Nigeria’s investment environment that have made the sector attractive for investments.
Speaking at the Original Equipment Manufacturers (OEM) Networking Forum of the Offshore Technology Conference 2026, the NCDMB boss listed some of the developments to include the three landmark Executive Orders signed by President Bola Ahmed Tinubu in February 2024, notably the Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order, 2024; Presidential Directive on Local Content Compliance Requirements, 2024, and Presidential Directive on Reduction of Petroleum Sector Contracting Costs and Timelines, 2024.
He said the Executive Orders which became effective 28th February 2024, have eliminated impediments to investments in the oil and gas industry and thus positioned the country as a competitive destination to prospective investors.
He disclosed that Nigerian Content Plan reviews now carry a legal 10-day deadline, and that if the deadline is missed, approval is deemed granted automatically. Contracting cycles, too, have been compressed from 18 months to between four and six months. In addition, tax credits have been introduced for deepwater, midstream and non-associated gas projects.
“The market has responded decisively,” Engr. Ogbe stated, noting that three major Final Investment Decisions (FIDs) were secured within 18 months, “a pace unseen in over a decade,” he added. According to him, Shell committed five billion dollars to Bonga North in December 2024, followed by two billion dollars for the HI gas project in October 2025, supplying Nigeria Liquefied Natural Gas (NLNG) Train 7.
Enumerating industry developments further, the NCDMB boss revealed that the US$20 billion Bonga Southwest Aparo deepwater project received presidential approval for its FID earlier this year, and that the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has approved 28 field development plans representing US$18 billion in committed investment, “unlocking nearly six hundred thousand barrels per day of new production potential.”
He stated that the era of intermediary companies that had no real assets, no genuine workforce and no ability to deliver, resulting in inflated costs, reduced execution quality, which gave local content a poor reputation, was over.
Speaking on current trends as relates to its regulatory operations, the Executive Secretary, who was represented by the Director of Planning, Research and Statistics (PRS) of the Board, Mr. Silas Ajimijaye, said NCDMB issued new Equipment Certificate Guidance Notes with immediate effect, and that “The rules are now absolute.” According to him, “No agents, no middlemen, no third-party submissions on behalf of service companies,” and that certificates are non-transferable. “Every applicant undergoes a physical facility verification visit before any certificate is issued,” he declared.
The Board has also removed the 51 per cent Nigerian equity barrier, so joint venture structures with majority OEM ownership can now fully participate in the system. “If your Nigerian partner holds an NCDMB certificate today, you can be confident it is a real company with real assets and genuine capacity,” he assured. As he put it, “The framework now protects your investment.”
Engr. Ogbe expressed satisfaction with institutional achievements recorded to date, stating that “NCDMB has spent 15 years building the supply side of this market,” and that it has created over 50,000 jobs through on-the-job training on live projects. “We have thousands of pre-qualified Nigerian vendors across eight service categories available through our national qualification system,” he noted, adding that a US$350 million Nigerian Content Development Fund is available to help indigenous companies invest in the assets and equipment they need to serve the industry.
He said there are three clear pathways into the industry: direct Nigerian Content Equipment Certificate registration, technology transfer partnerships, and joint ventures through Petroleum Technology Association of Nigeria (PETAN) member companies.
In rounding off his presentation, the NCDMB Chief Executive declared: “We are also formally inviting each of you [OEMs] to a structured due diligence visit to Nigeria, where you will see our fabrication yards, meet verified partners and receive a full regulatory briefing at NCDMB headquarters in Yenagoa, Bayelsa State. He disclosed that local content now stands at 61 per cent, while the Board’s target is 70 per cent by 2027, declaring, “The gap between those two numbers is precisely where your business belongs.”
In other presentations, PETAN Chairman Wole Ogunsanya stated, “OTC 2026 is not just a conference for us – it is a platform to demonstrate that Nigerian companies are technically sound, globally competitive, and ready to lead Africa’s energy transformation.”
PETAN Conference Committee Chairman Dr. Okey Ukaegbu pointed out that “From the formal opening of the Nigerian Pavilion to key sessions like the African Energy Forum and the NCDMB-OEM Investment Forum, every engagement is structured to create real opportunities for partnerships and deal-making.”
The OTC, according to the organisers’ website, “brings together a broad and dynamic range of exhibitors – from pioneering startups to global industry giants – representing every facet of the offshore energy sector,” and that exhibitors span traditional offshore oil and gas, offshore wind, marine renewables, hydrogen, carbon capture, subsea technologies, digital innovation, and more.
The Conference came to an end on Thursday.
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